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AMO to buy Visx for $1.27 billion

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SANTA ANA, Calif. — Advanced Medical Optics intends to purchase Visx for $1.27 billion. The agreement was announced yesterday in a joint press release from both companies.

According to the joint statement, the combination will create “the world’s leading refractive surgical business focused on fast-growing segments of the ophthalmic medical device market.” Among the best-known products of the combined company will be Visx’s Star laser system and CustomVue customized wavefront ablation technology and AMO’s Amadeus microkeratome, Verisyse phakic IOL (sold by Ophtec as the Artisan in some non-U.S. markets) and Array multifocal IOL.

“Adding [Visx’s] robust product platform to our existing refractive business represents a bold step forward to achieve one of AMO’s core strategic goals to build a leading refractive surgical business,” said James V. Mazzo, AMO’s president and chief executive officer.

The combined company will retain the AMO name and continue to be based in Santa Ana, Calif., the release said. The companies expect to close the transaction during the first quarter of 2005.

Under the terms of the agreement as announced, stockholders of Visx will receive a combination of AMO shares and cash for every share of Visx they own, equaling roughly $26.52 per share. AMO’s stockholders will own about 58.5% of the combined company, and Visx stockholders will own about 41.5%.

The combination was unanimously approved by both companies’ boards, the release said.

At the conclusion of the deal, Liz Davila, current chairman and chief executive of Visx, will join AMO’s board, and Visx president and chief operating officer Doug Post will assume the position of president of AMO’s Americas region, according to the press release.